Convergex launches market probing options algo

New options algorithm is designed to seek liquidity through both passive and aggressive means.

Convergex has launched a new options algorithm that has been designed to probe markets for hidden liquidity from user-specific exchanges.

The algo – known as Darkest – is low impact, cost effective and available to both buy- and sell-side clients, Convergex said.

It can operate passively by systematically ‘probing’ the market for hidden liquidity while remaining concealed, or it can operate aggressively by taking liquidity as soon as it becomes available.

Convergex CEO and president, Eric Noll, said the new algo is “geared towards market participants seeking a more effective way to capture liquidity.”

“We were able to create a multi-faceted options algorithm with increased flexibility while also taking into consideration cost, timing, performance, transparency, and market structure requirements,” he added.

The algorithm is available in Convergex’s BLAZE GUI or API.